Business Transformation

The central London postcodes that are still in favour with homebuyers

London at night with urban architectures and Tower Bridge

The inner London property market is down, but certainly not out, according to the latest research from London lettings and estate agent, Benham and Reeves.

Benham and Reeves analysed all residential property transactions to have taken place since we entered the first lockdown (23.03.2020) and how the capital is performing when split between inner and outer London.

The figures show that there have been just shy of 50,000 sales completed across the capital in this time, with homesellers securing an average of £487,500 in the process.

Months on end of lockdown restrictions have caused many to look from the inside out for bigger homes with the additional benefit of outdoor space, a trend that is apparent when you dissect the London market at a top-line level.

Since March of last year, there have been 65% more property sales across the capital’s peripheral boroughs compared to the number completed in inner London. just 38% of all transactions (18,459) have taken place in inner London, while outer London accounts for 62% (30,494).

However, scratch beneath the surface of this top-line trend and it’s clear that inner London is far from out of favour. While transactions level may be trailing, properties in inner London have sold for an average of £595,000 since lockdown, 34% more than sales transacting in outer London.

When breaking the market down to postcode level, it’s perhaps surprising to see that just two of the top 10 busiest property postcodes since we entered into lockdown are located in outer London.

The CR0 postcode of Croydon and Sutton has seen the most homes sold with 894 completed transactions, demonstrating the homebuyer appetite for homes in outer London. E17 in Waltham Forest also places in the top 10 (5th), with 584 homes sold since lockdown started.

In contrast, the City of London has seen just 35 transactions complete across its busiest postcode of EC2Y.

However, while the City has seen a slump, inner London accounts for four of the top 10 busiest London property postcodes since lockdown began. E14 in Tower Hamlets is the busiest of the lot, seeing the second largest number of transactions (759) across the whole of London since March of last year.

SW18 (622) and SW11 (614) in Wandsworth rank as the third and fourth busiest overall, while SW6 in Hammersmith and Fulham also makes the top 10 with 518 homes sold.

It’s clear that homebuyers are also keen for a compromise, with the SW19, SW16, SW17 and SE10 postcodes all ranking in the top 10, and all sitting on the border of inner and outer London.

Director of Benham and Reeves, Marc von Grundherr, commented: “There’s no doubting that the unprecedented events of the last year have spurred many homebuyers to reevaluate their property priorities, opting for larger homes on the outskirts of the capital and beyond.

This trend has led to the false assumption that inner London has lost its desirability and that buyer demand has evaporated completely. This simply isn’t the case and, in fact, parts of the inner London market have been performing very well since lockdown restrictions were imposed.

As the capital starts to reopen for business, it is inevitable that demand for central London homes will continue to spread.

An interesting trend that is also emerging is the choice by London buyers to sit on the geographical fence, opting for areas that fall on the borders of inner and outer London. This allows them to secure the larger home they seek for a lower price, but without completing forsaking the ability to commute across London with ease.”

Table shows transactions and sold price data for each area since we entered into the first lockdown on 23rd March 2020 and Jan 2021 (latest available)

Inner London
Completed Transactions: 18,459
Median Sold Price: £595,000
% of total transactions: 38%

Inner London
Completed Transactions: 30,494
Median Sold Price: £445,000
% of total transactions: 62%

London (All)
Completed Transactions: 48,953
Median Sold Price: £487,500
% of total transactions: N/A

Table shows the 10 best performing London postcodes based on total transactions since we entered into the first lockdown on 23rd March 2020 and Jan 2021 (latest available)

Postcode districtBorough(s)Completed TransactionsMedian Sold PriceInner/Outer
CR0Croydon, Sutton894£350,000Outer
E14Tower Hamlets759£560,000Inner
SW18Wandsworth622£680,000Inner
SW11Wandsworth, Lambeth614£775,000Inner
E17Waltham Forest584£490,000Outer
SW19Merton, Wandsworth571£711,850Inner and Outer
SW16Lambeth, Croydon, Wandsworth, Merton519£475,000Inner and Outer
SW6Hammersmith and Fulham518£895,000Inner
SW17Wandsworth, Merton516£594,000Inner and Outer
SE10Greenwich, Lewisham483£550,000Inner and Outer

Table shows the total number of transactions across each borough, media sold price and the top three best performing postcodes in each borough.

LocationBorough(s)Completed TransactionsOutcodeTransPrice
BARKING AND DAGENHAM955£320,000IG11280£315,000
RM10201£310,000
RM8195£320,000
BARNET2074£557,750EN5265£562,000
NW7202£615,000
HA8190£486,750
BEXLEY1859£375,000DA16270£395,000
DA7269£415,000
DA15264£409,000
BRENT1174£515,000NW10335£508,500
NW9182£482,500
NW6173£692,000
BROMLEY2853£475,000BR3474£502,500
BR2452£480,000
BR6448£510,000
CAMDEN1094£785,000NW3326£1,005,000
NW6211£680,000
NW1172£707,500
CITY OF LONDON63£732,500EC2Y35£780,000
EC1A11£765,820
EC4A4£430,000
CITY OF WESTMINSTER1252£895,000W2285£868,000
W9159£705,000
NW8153£868,000
CROYDON2503£400,000CR0871£350,000
CR2430£450,000
CR8278£550,000
EALING1586£489,995W3286£542,500
W5277£685,000
UB6228£465,000
ENFIELD1556£400,000EN1280£399,998
EN3261£345,000
EN2230£487,500
GREENWICH1679£430,000SE10469£552,900
SE18364£360,000
SE9321£420,000
HACKNEY1125£575,000N16269£625,550
E8172£580,050
N1168£675,000
HAMMERSMITH AND FULHAM1212£765,000SW6518£895,000
W6259£905,000
W12192£615,000
HARINGEY1244£540,000N17247£399,000
N8243£575,000
N22180£520,000
HARROW1145£500,000HA2292£475,000
HA3203£467,500
HA7193£545,000
HAVERING2009£380,000RM3317£350,000
RM12290£396,000
RM11283£440,000
HILLINGDON1643£435,000HA4367£505,000
UB10294£456,000
UB4199£395,000
HOUNSLOW1155£435,000W4219£924,000
TW7216£480,000
TW13162£346,500
ISLINGTON949£650,000N1242£751,500
N7211£552,500
N5174£752,500
KENSINGTON AND CHELSEA974£1,260,000W8159£2,000,000
W11159£1,200,000
SW3151£2,000,000
KINGSTON UPON THAMES1176£503,250KT6238£465,000
KT2225£725,000
KT3200£547,500
LAMBETH1988£590,625SW16335£475,000
SW2304£544,000
SW4290£632,500
LEWISHAM1863£445,000SE13302£429,455
SE6288£425,500
SE23275£500,000
MERTON1354£519,000SW19501£750,000
CR4285£399,000
SW20242£699,975
NEWHAM1130£395,000E16361£405,000
E15207£430,000
E6201£363,000
REDBRIDGE1269£445,000IG1202£380,000
IG8190£500,000
IG6161£440,000
RICHMOND UPON THAMES1562£700,000TW1248£792,500
TW2220£596,475
TW11198£740,000
SOUTHWARK1531£546,000SE15345£565,000
SE1271£525,000
SE22262£727,500
SUTTON1393£418,000SM1297£400,000
SM5248£409,000
SM6245£406,000
TOWER HAMLETS1486£502,000E14759£560,000
E1256£500,000
E3246£448,000
WALTHAM FOREST1549£475,000E17584£490,000
E4386£462,250
E10308£455,950
WANDSWORTH2548£674,000SW11614£775,000
SW18613£680,000
SW17476£595,500

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Anna Papadopoulos
Vice President & Executive Editor. Anna Papadopoulos is the Vice President and Executive Editor of the CEOWORLD magazine. In that role she resumes responsibility for the CEOWORLD magazine newsroom, setting daily news priorities, and directing all of CEOWORLD magazine's news-gathering teams. Previously, Anna was the senior supervising editor of CEOWORLD magazine's International Desk. Follow her on Twitter, Facebook, Instagram, or connect on LinkedIn. Email her at AP@ceoworld.biz